How Gradually every country will adopt cryptocurrencies and regulate them ?

Mar 24, 2018 Posted
/ 3449 Views

The previous year has been an extraordinary year for cryptocurrencies. Their market values have reached skies and several; coins ahs grew 10 folds. Although the coins prices have been declining frequently this year still cryptocurrency still has lots of potentials. Many countries are now paying great attention to it.With the number of shareholders in these markets, the government is trying to regulate the industry. Lets us see how countries can adopt and regulate them.

European countries:

If we talk about countries like Germany, the Cryptocurrencies enjoy favorable Government policies in Europe as they are looking forward to developing blockchain solutions. It is considered as a legal tender there, this also had boosted its price in the past. German tax laws are also favorable to bitcoins that exempt 25% tax on profits that have been held for 1 year. This is the biggest marketplace for Bitcoin in the world.

Asian Countries:

The countries have mixed beliefs here.Japan is considered as the cryptocurrency hub of the region. With China and South Korea being against the Bitcoins, Japan stood up as the hub of cryptocurrency trading of Asia.

The Japanese government through PSA has set up a framework that will make it legal to use it for payment purposes. China seems not to be entering into this. With the support of Government, cryptocurrency operations are breeding in Japan and it can host many ICOs in near future. Japan has set up financial regulators that can give up incentives to entrepreneurs, developers to shift their market towards Japanese.

Canada:

With the approval of Impak coin in 2017 which was clearly dismissed in 2016 says a lot about the evolution of the attitude of the Canadian government to cryptocurrencies. Canada is a crypto-friendly country with numerous bitcoins atm and two virtual currency hubs: Toronto and Vancouver. With the success of Impak coin in 2017, there have been speculations of other cryptocurrencies that are reportedly undergoing testing and development.

Conclusion:

With the steep growth of coins and the investors which it brings with them definitely gets the attention of government. Every country has now started to change their perspective and started regulating them. This can boost their trading sector and may increase their economy. Now only a few countries have been through this but if you can see the change in Government policies it is quite clear that their attitude is changing and they can be adopting it soon.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .